If you take down the original. My guess would be even with edited footage, there would still be enough footage that's similar enough for YouTube to scan and possibly flag it.
If you've taken it down or privated it, you can re-upload it if it belongs to you. If it's someone else's footage and you've re-edited, then no because the YouTube copyright systems will still catch it. But if you published the original video a long time ago, took it down and want to re-upload it with new edits I see no issue with that. I'm thinking about doing that with some of my very old content.